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China's foreign reserves top $2tn

China's main stock index, the Shanghai Composite Index, has jumped by 74% this year.

Dollar dominance

The bulk of China's foreign currency reserves are in dollars - mainly US government debt.

The country's leaders have expressed concern about the stability of the US dollar and have called for the creation of a new international reserve currency.

They fear the dollar could weaken as the financial crisis takes its toll and undermine the value of China's vast holdings of US government debt.

So China holds more foreign currency than anyother nation, the bulk of which in U.S. dollars, and now are calling for a new world currency. Economists say they have the strongest economy in the world, and we just keep borrowing money from them. Will China be able to drag the world into one world currency? What would be the effects of such a transition on the U.S. economy?